‘It’s their money’: One Nation pushes to expand early super access amid cost-of-living crisis

One Nation has argued Australians struggling to afford food, housing and mortgage repayments amid the cost-of-living crisis should be allowed early access to their superannuation savings.

The party is pushing to expand early access to superannuation, arguing Australians unable to afford necessities should be considered to be experiencing financial hardship when it comes to accessing the funds.

One Nation leader Pauline Hanson said compulsory superannuation rules were too rigid and Australians under financial pressure should have greater access to their retirement savings.

“A lot of Australians are doing it tough now and struggling to pay off their mortgages,” Hanson told News24 on Sunday.

“It is their money; they’ve they’ve sacrificed it in lieu of pay. So, in a lot of cases, people want it”.

Hanson called for the rules to be “lightened up a bit”, allowing workers to draw on their superannuation during a crisis or while trying to buy their first home.

The scope of the proposed policy is still being finalised, but One Nation MP Barnaby Joyce argued cost-of-living pressures preventing people from affording food or housing should qualify as financial hardship.

“You already have people who can access their super. In hardships, you can,” Joyce told Sunrise on Monday.

“I think one of the hardships people have is if they can’t feed themselves because of the cost of living. And another hardship is if they don’t have a house and they put out in the street and they’re living in a car.”

About 50,000 Australians were able to access their superannuation early during the 2023-24 financial year, representing only around 0.5 per cent of Australians.

“Surely it’s their money, and we should give a little bit more respect about what they can do with their own money,” Joyce said.

Social Services Minister Tanya Plibersek rejected One Nation’s proposal, warning allowing broader early access would undermine the purpose of compulsory superannuation and leave more Australians dependent on government support in retirement.

“Super is there so that you don’t retire into poverty. It makes the hugest difference to people as they age so that they’re not relying on the age pension,” she said.

Plibersek said the federal government already spent about $70 billion each year on the age pension and that figure would be significantly higher without compulsory superannuation.